USDA / Rural Development
Rural Development Loan Fund: targets non-agricultural businesses and industry that located in rural communities with loans of up to $150,000.
IRP funding may be used for a number of purposes but to be eligible, ultimate recipients must be located in a rural area. Under the IRP, a rural area is any area that is not inside a city with a population of 25,000 or more according to the latest decennial census. Some examples of eligible projects are:
- The acquisition, construction, conversion, enlargement, or repair of a business or business facility, particularly when jobs will be created or retained.
- The purchase or development of land (easements, rights of way, buildings, facilities, leases, materials)
- To purchase equipment, leasehold improvements, machinery, supplies
- Start up costs and working capital
- Pollution control and abatement
- Transportation Services
- Feasibility studies
- Hotels, motels, B&Bs, convention centers
The EDC worked with us through every phase of this project to collaborate with bankers and get us the funding we needed to keep our development on schedule.
– Doug Sanford – Northdam Mill
The EDC has really helped our business stay on track.
– John Grondin – Prescott Metal